Sitharaman proposes amendments to LTCG tax provision on immovable properties
New Delhi, Aug 7: Finance Minister Nirmala Sitharaman on Wednesday said the contentious LTCG tax proposal on real estate is being amended to give option to taxpayers to compute tax liability under the old system or at reduced rates without indexation, and pay the lower of the two.
Replying to a debate on the Finance Bill, Finance Minister Nirmala Sitharaman said the rollover benefit will be available to taxpayers who buy new immovable property utilising the capital gains on the sale of old property.
The Budget 2024-25 proposal to remove indexation benefit in calculation of long term capital gains on sale of immovable properties evoked sharp criticism from various corners, including opposition parties and tax professionals.
The Budget, presented on July 23, had proposed a lower 12.5 per cent rate of LTCG tax, down from 20 per cent, while doing away with the indexation benefit.
The major amendment in the Bill relates to restoration of indexation benefit on sale of properties bought prior to July 23, 2024. Now, individuals or HuFs who bought houses before July 23, 2024, can opt to pay LTCG tax under the new scheme at the rate of 12.5 per cent without indexation or claim the indexation benefit and pay 20 per cent tax.
Sitharaman said that the indexation benefit was proposed to be removed in the Budget to bring all asset classes under one rate and not to enhance revenue.
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LIVE | Election Results of five states 2026
New Delhi: The countdown has begun for the counting of votes for the Assembly elections in five states that have captured the attention of people across the country.
The counting of votes for the Assembly constituencies of West Bengal, Tamil Nadu, Kerala, Assam and the Union Territory of Puducherry will begin simultaneously at 8 am, and the fate of candidates in a total of 824 constituencies will be decided shortly.
The counting of postal ballots will take place first, followed by the counting of EVM votes in several rounds.
► AIADMK leader Edappadi K. Palaniswami is leading in Tamil Nadu’s Edappadi constituency
► In Puducherry, BJP is leading in 3 seats.
► In Assam, BJP is leading in 56 seats, while Congress is leading in 12 seats.
► Suvendhu Adhikari leads in both Bhabanipur and Nandigram
► West Bengal CM Mamata Banerjee faces setback in Bhabanipur constituency
► Bhupen Borah, who recently left Congress and joined the BJP, is leading in Assam’s Bihpuria constituency
► Assam CM Himanta Biswa Sarma is leading in Jalukabari constituency
► BJP leader Suvendu Adhikari is leading in West Bengal’s Nandigram constituencyFive-state elections: Postal vote counting begins
► TMC, BJP lead in one seat each in West Bengal
► In Tamil Nadu, DMK leads in 3 constituencies, while TVK leads in 1
► UDF leads in 5 seats in Kerala, BJP in 1, LDF in 1
► BJP leads in 2 seats, AIUDF in 1 in Assam
► AINRC leads in 1 constituency in Puducherry
► TMC leads in 5 seats in West Bengal; Mamata Banerjee’s party maintains initial lead
► Tamil Nadu Chief Minister M.K. Stalin leads in Kolathur
► BJP takes early lead in Assam
► Congress-led UDF leads in Kerala
► Tamil Nadu, TVK chief Vijay leads in the Perambur constituency, lags in Tiruchirappalli South
► BJP leads in 10 seats in Assam
► LDF candidate V.P.P. Mustafa leads in the Thrikkaripur Assembly constituency
► Out of 294 seats in West Bengal, BJP is leading in 14 seats, TMC in 12 seats, Congress in 2 seats
► Out of 234 seats in Tamil Nadu, DMK is leading in 15 seats, AIADMK is leading in 5 seats, TVK is leading in 2 seats
► Out of 126 seats in Assam, BJP is leading in 31 seats, Congress in 4 seats, AIUDF in 2 seats.
► Out of 30 seats in Puducherry, NRC+ is leading in 3 seats, Congress in 2 seats, TVK in 1 seat.
► Congress’ Adhir Ranjan Chowdhury suffers a setback in theBerhampore constituency in West Bengal.
